Axis Securities has a “buy” call on ICICI Bank, with a target price of Rs 1500, currently trading at Rs 1307.95. The bank’s financial performance is strong, with a market capitalization of Rs 921643.15 crore. For the quarter ending September 30, 2024, ICICI Bank reported a Consolidated Total Income of Rs 72942.55 crore, a 27.32% increase from the same quarter last year, with a net profit after tax of Rs 12947.77 crore. Axis Securities expects the bank to continue delivering strong performance, with a consistent Return on Assets (RoA) and Return on Equity (RoE) of 2.2-2.3% and 17-18% respectively, driven by strong business growth, focus on fee income, range-bound Opex ratios, pristine asset quality, and adequate capitalization. As a result, ICICI Bank is the brokerage’s top pick among banks.
We recommend buying ICICI Bank, with a target price of Rs 1,500, according to Axis Securities.
by newsworm | Nov 26, 2024 | Axis bank, Banking, ICICI Bank